Federal program offers $50K to Rockford-area homeowners with underwater mortgages

Tuesday

Feb 7, 2017 at 5:33 PMFeb 8, 2017 at 10:32 AM

ROCKFORD — Rockford-area homeowners who owe more on their mortgage than their home is worth may be eligible to receive up to $50,000 in federal assistance to buy down their mortgage and refinance into an affordable loan through the I-Refi program.

Rockford was dubbed the “Underwater Mortgage Capital of America” by the Wall Street Journal in 2013.

Eligible homeowners must be current on their mortgage, have an annual household income of $86,000 or less and credit qualify. The I-Refi program will provide up to $50,000 to reduce the balance owed on mortgages and refinance homeowners into a 30-year fixed-rate mortgage that is aligned with the current value of their home. Homeowners will be required to order a professional appraisal to assess the value of their home.

For information: ihda.org/irefi.

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